Bank of America refuses to honor written agreement to help troubled homeowners prevent foreclosure
Bank of America refuses to honor written agreement to help troubled homeowners prevent foreclosure
Jacksonville, FL – 1/14/2011 – After receiving written approval of their short sale, a Jacksonville homeowner who is facing financial hardship had their short sale rescinded by Bank of America. In a heinous act of deceit, Bank of America refused to honor its written approval to help the homeowners avoid foreclosure. This leaves the homeowner’s future in jeopardy and leaves all troubled homeowners nationwide to wonder if Bank of America is truly committed to preventing foreclosures.
Here is a synopsis of the chain of events:
- Buyer offers $285,000 for the property as a short sale and submitted to Bank of America on 9/28/10.
- Bank of America approves in writing the short sale at contract price on 11/22/10.
- Buyer's appraisal comes in at $235,000 and is submitted with revised HUD & amendment on 12/16/10.
- Bank of America approves in writing the amended short sale offer of $235,000 on 1/3/11.
- The closing is denied stating the purchase price needs to be $285,000 on 1/11/11.
The affected homeowners paid to relocate their residence after notification the sale was approved only to be lost in confusion regarding where they should live. Bank of America has put the homeowners and the Buyers in a difficult situation and caused financial damages by not honoring their approval of the short sale. Troubled homeowners nationwide should exercise caution when considering a short sale with Bank of America. Deceitful and careless business practices like this are the same reason Bank of America and other lenders cannot correctly prove they own these troubled loans and hire ‘robo-signers’ that caused illegal foreclosures in Florida and other states. This deplorable act is indicative of a taxpayer bailed-out company whose careless acts are jeopardizing the economic recovery as a whole and need to be brought to light.
Documentation and interviews available upon request.
Contact:
Mike Linkenauger & Ethan W. Gregory
First Coast Realty Associates & The Short Sale Specialist Network
904-733-4911 & (877)737-4903
